The pension fund of state energy utility Eskom has paid out R104.3m in special bonuses as part of a Covid-19 relief effort.
Members of the Eskom Pension and Provident Fund received R3,500 to R5,425, depending on household income, at the beginning of August. Lower-income households received more.
“After much deliberation and with advice from the fund actuary, the board of trustees took a decision to grant our pensioners a one-off special bonus to the value of 50% of the bonus paid to pensioners in 2019,” said fund CEO and principal officer Linda Mateza. “The fund has considered that the current crisis may have resulted in the reduction of disposable income in many Eskom Pension and Provident Fund pensioner households, perhaps due to a loss of livelihood of a household member, or increased cost of food and health-care items,” Mateza said.
The pension fund has more than 33,000 pensioners comprising former Eskom employees and their widows who receive a monthly pension from the fund. It has more than R140bn in total assets under management.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Eskom pension fund pays out R104m Covid-19 relief bonusThe pension fund of state energy utility Eskom has paid out R104.3m in special bonuses as part of a Covid-19 relief effort.
Read more »
Eskom pension fund pays out R104m Covid-19 relief bonusPensioners receive R3,500 to R5,425 special bonus at beginning of August
Read more »
Russia crows about approving Covid-19 vaccine for rolloutVladimir Putin says Russia is the first country to approve a vaccine — after just two months of human testing
Read more »
MAVERICK CITIZEN: Turning the Covid-19 tide, one life at a timeDoctors work tirelessly to save the life of a young woman and her unborn child.
Read more »
Covid-19 hit forces Atletico Madrid to cancel final training sessionTraining and trip to Lisbon delayed after two squad members test positive for virus
Read more »
Jailed Zim journalist in danger of contracting COVID-19: lawyersFreelance journalist Hopewell Chin'ono was moved to a notorious maximum-security prison and authorities forced him to remove his protective gear.
Read more »